H1 retest at 1.26 is interesting for longs!
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Support at 1.1904/1.2235 and long-term trendline resistance (1.7191) remains clear structure on the monthly timeframe at the moment, with the latter prompting a notable upper shadow in June.
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008, essentially placing 1.1904/1.2235 in a vulnerable position.
Daily timeframe:
Partially altered from previous analysis -
Demand at 1.2192/1.2361 received price action last week, stirring a notable bid. This week has continued to build on recent momentum, sailing to highs at 1.2623.
To the upside, traders will still be looking at the 200-day simple moving average at 1.2687 as the next available resistance, with a violation uncovering supply at 1.3021/1.2844.
H4 timeframe:
Mid-morning trade in London observed a dip to lows at 1.2508, missing demand at 1.2462/1.2506 by a hair before rotating to the upside.
The pound’s aggressive appreciation against the greenback reclaimed Tuesday’s high at 1.2592 and landed within close proximity to resistance at 1.2629.
H1 timeframe:
It was revealed in Wednesday’s analysis that 1.25 offered well-grounded support, aligning with two trendline supports (1.2529/1.2257) and the 100-period simple moving average (red oval).
As visible from the chart, price fell short of the 1.25 level, though crossed paths with trendline support (1.2529) before spinning higher. Upside unseated 1.2550 resistance as well as the 1.26 level, which, as you can see, is currently being retested as support by way of a hammer candlestick pattern, a bullish signal among candlestick traders, with 1.2650 set as the next upside objective.
Structures of Interest:
The recent H1 retest at 1.26 is interesting, perhaps enough to draw in additional buyers today.
Buyers off 1.26 will look to address 1.2629 on the H4, 1.2650 resistance on the H1 and 200-day simple moving average at 1.2687, based on the daily timeframe.
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Support at 1.1904/1.2235 and long-term trendline resistance (1.7191) remains clear structure on the monthly timeframe at the moment, with the latter prompting a notable upper shadow in June.
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008, essentially placing 1.1904/1.2235 in a vulnerable position.
Daily timeframe:
Partially altered from previous analysis -
Demand at 1.2192/1.2361 received price action last week, stirring a notable bid. This week has continued to build on recent momentum, sailing to highs at 1.2623.
To the upside, traders will still be looking at the 200-day simple moving average at 1.2687 as the next available resistance, with a violation uncovering supply at 1.3021/1.2844.
H4 timeframe:
Mid-morning trade in London observed a dip to lows at 1.2508, missing demand at 1.2462/1.2506 by a hair before rotating to the upside.
The pound’s aggressive appreciation against the greenback reclaimed Tuesday’s high at 1.2592 and landed within close proximity to resistance at 1.2629.
H1 timeframe:
It was revealed in Wednesday’s analysis that 1.25 offered well-grounded support, aligning with two trendline supports (1.2529/1.2257) and the 100-period simple moving average (red oval).
As visible from the chart, price fell short of the 1.25 level, though crossed paths with trendline support (1.2529) before spinning higher. Upside unseated 1.2550 resistance as well as the 1.26 level, which, as you can see, is currently being retested as support by way of a hammer candlestick pattern, a bullish signal among candlestick traders, with 1.2650 set as the next upside objective.
Structures of Interest:
The recent H1 retest at 1.26 is interesting, perhaps enough to draw in additional buyers today.
Buyers off 1.26 will look to address 1.2629 on the H4, 1.2650 resistance on the H1 and 200-day simple moving average at 1.2687, based on the daily timeframe.
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